We examine the dual role of labor adjustment costs and staggered wage contracts as endogenous propagation mechanisms. We show that a dynamic general equilibrium model which combines these two features explains the autocorrelation functions of output growth and nominal wage growth, as well as the...

We analyze a stochastic general equilibrium model which incorporates three different types of government expenditure. We calibrate the model and estimate, using US data, the multivariate stochastic process generating the components of public expenditure and the Solow residual. These estimates...

[fre] Modèles du cycle économique et marché du travail. . Nombreux sont ceux qui croient que l'approche du cycle économique initiée par Lucas, Kydland et Prescott a pour objectif fondamental de doter les modèles macro-économiques de fondements micro-économiques solides alors que...